Bitcoin surged past $70K, sparking market optimism, but RWA tokens lagged, with a 2.4% drop in total market cap.
TL;DR…
- Market Moves: Bitcoin hits $70K, sending the crypto market cap over $2.4T; greed returns with the Fear & Greed index at 66.
- Altcoin Slump: Bitcoin dominance rises, while altcoin market cap declines by 1% amid lukewarm interest.
- RWA Struggles: Most RWA tokens fell, with notable exceptions like Maker (+11.7%) and Clearpool (+22.2%).
- RWA News: Key partnerships, stablecoin launches, and projections signal growth potential in the RWA space.
The bells are ringing! Bitcoin is just inches away from its all-time highest value. But the same can’t be said for most altcoins and RWA tokens.
Let’s take a look at the current state of play in the market and see what’s what in the RWA space.
Did you miss last week’s recap? Check it out here.
Market Recap
The past week has been eventful, to say the least.
Bitcoin confidently retook the $70K price point, Donald Trump’s odds of winning the 2024 presidential election peaked at over 66%, and the total market capitalization of all cryptocurrencies ballooned to over $2.4 trillion.
Bitcoin is up 4.5% this week alone, hovering between $70,000 and $71,000. Its dominance sits at 59%, which is almost its highest value in 2024 so far.
This rally to near all-time highs has led to a somewhat concentrated feeling of euphoria in the market, with the CMC Fear & Greed index now back at 66, indicating a state of slight greed in the market.
Source: CMC Fear & Greed Index
This is further demonstrated by Bitcoin’s relative strength index (RSI). Bitcoin's 14-day RSI briefly peaked above 87 on Oct. 29—a value not seen since February 2024, indicating that the cryptocurrency was strongly overbought.
Altcoins, on the other hand, haven’t experienced the same levels of enthusiasm among investors. The OTHERS market (market capitalization excluding BTC and ETH) shrunk by 1% to $501 billion over the last week as interest was primarily concentrated on BTC.
Source: CMC Crypto Market Cap
RWA Token Price Action
Zooming in on RWA tokens, we find that most have fallen into the red over the last week.
Currently, seven of the top 10 RWA tokens are down this week.
The following three managed to buck the trend and gain during this period:
- Chainlink (LINK): gained 2.9%
- MANTRA (OM): gained 3.5%
- Maker (MKR): gained 11.7%
For comparison, this week’s biggest RWA token losers include:
- Ondo (ONDO): lost 7.7%
- Axelar (AXL): lost 12.1%
- Centrifuge (CFG): lost 5.8%
A handful of smaller RWA tokens have, however, been putting on an impressive display in recent weeks. These include Clearpool (CPOOL) and Chintai (CHEX) which are up 22.2% and +18.8% respectively in the last week.
DefiLlama's narrative tracker shows that the RWA sector is outperforming most other sectors right now. Of the 22 sectors tracked by the platform, RWA tokens are the eighth-best-performing sector by market cap-weighted returns.
The sector has a seven-day mCap-weighted return of 1.1%. For comparison, the AI sector sits at -3.7%, whereas GameFi sits at -5.2%.
Source: RWA Tokens Page
The total market capitalization of all RWA tokens shrunk from $29.6 billion to $28.9 billion in the last week, representing a loss of 2.4%.
Though the price action isn't looking too hot for most RWA tokens right now, the total value locked (TVL) in RWA protocols is still on the up, with 14 of the top 20 RWA protocols growing the TVL in the last seven days.
Bitcoin staking platform Solv Protocol is growing particularly fast, with its TVL swelling by 35.2% in the last week to reach $286.9 million.
For a complete list of popular RWA tokens, click here.
Weekly News Roundup
Another week, another wave of updates, developments and interesting RWA stories to keep on top of.
We’ve collected this week’s most important news tidbits to help you stay up to date on all things RWA tokenization.
Solayer Launches RWA-Backed Stablecoin on Solana: The Solana-based restaking platform, Solayer, has partnered with OpenEden Labs to launch a synthetic stablecoin backed by U.S. treasury bills. The protocol is built on a non-custodial request for quote (RFQ) marketplace which allows users to mint or destroy sUSD stablecoins.
HSBC Presents Gold-Backed Digital Currency: During Hong Kong Fintech Week, British financial services group HSBC unveiled a gold-backed stablecoin known as the ‘Gold Token.’ The tokens are backed by 0.001 ounces of fine gold, deployed on a private ledger and secured by “post-quantum cryptography.”
MANTRA Partners With Google Cloud: RWA-focused L1 blockchain MANTRA has partnered with Google Cloud to enhance real-world asset (RWA) tokenization. The collaboration includes Google Cloud’s Web3 Portal as a test environment for MANTRA’s L1 developers, aiming to scale RWA solutions and support ecosystem growth.
RWA Tokenization Industry To Reach $600 Billion by 2030: According to a recent report published by global consulting firm Boston Consulting Group, the RWA tokenization industry could represent 1% of global mutual funds and ETFs by 2030, reaching a $600 billion industry. The report also referred to RWA tokenization as the "third revolution in asset management."
GnosisDAO Earmarks $40 Million for Early-Stage RWA Projects: GnosisDAO’s new $40 million venture fund, GnosisVC Ecosystem, will invest in early-stage projects focused on real-world asset tokenization, decentralized infrastructure, and payment solutions. GnosisDAO contributes $20 million, with an additional $20 million from external partners.
And that’s all for this week’s RWA recap. Join us next week for another dose of RWA news, updates and price talk!
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